Jerry, as a banker I can tell you that great assets can be mismanaged. Having a molecule with strong potential does not get you to the goal line. Properly capitalizing the company, sustaining funding and trust, designing the trials correctly, developing effective formulations and delivery vectors, cultivating industry and clinical relationships, can make or break a pharma company, particularly a small one.
Polymedix was not well managed. They were sued in 2012 over claims for an anti-stroke drug, and lost credibility with investors who declined to provide any more equity capital to continue development of their drug portfolio, including Brilacidin. The creditors didn't want to own a pharma development company and so the company was put in Chapter 7 and the assets sold. Cellceutix was at the right place at the right time and saw the value that wasn't yet on any big pharma's radar screen. These things happen; sometimes you get a fat pitch.
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